SCO demonstration area launches 4,803 China-Europe freight trains in 7 years

Shandong Province in east China, a demonstration area for China-SCO economic and trade cooperation, has launched 4,803 China-Europe express freight trains in seven years since it was set up, registering an average annual growth rate of 33 percent, according to local customs.

First proposed in 2018, the demonstration area in Qingdao, a coastal city of the province, has become a vital trade hub for SCO countries. By now, it has delivered 394,000 TEUs by the China-Europe express cargo trains, carrying a total of more than 3.3 million tons of goods.

At present, the demonstration area operates 22 regular international freight routes, reaching 54 cities across 23 SCO member states and Belt and Road countries.

SCO demonstration area launches 4,803 China-Europe freight trains in 7 years

International Energy Agency (IEA) Executive Director Fatih Birol warned on Thursday that the global oil market may enter a "red zone" in July and August this year, as fuel demand rise and stocks dwindle.

Birol noted that the supply crisis triggered by the situation in the Middle East was initially cushioned by spare capacity in the global oil market, but that oil stocks are now gradually decreasing.

The 32 members of the IEA on March 11 unanimously agreed to make 400 million barrels of oil from their emergency reserves available to the market in response to disruptions caused by the Middle East conflict.

The IEA stands ready to coordinate further reserve releases if necessary, Birol added.

IEA chief warns of global oil market entering "red zone" this summer